FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1FinancialsMay 31, 2024
Movado’s Q1 Sales Fall 6%
The company attributed the decline to a “challenging” retail environment.
Model Georgia May Jagger, daughter of model Jerry Hall and Rolling Stones frontman Mick Jagger, stars in a campaign for Tommy Hilfiger, a licensed brand in Movado’s portfolio. Movado’s first-quarter sales were down 6 percent.
Paramus, N.J.—Movado Group started its fiscal year on a low note but the retailer has big plans for the year ahead as it ramps up its marketing spend.
“We are pleased with our first-quarter results, which are in line with our expectations and reflect the successful execution by our team in a retail environment that continues to be challenging,” CEO Efraim Grinberg said.
“During the quarter, we drove positive momentum with powerful new product innovation led by the performance of our new Movado Bold Quest and strong double-digit growth at Movado.com, which accelerated with our spring television campaign.”
Grinberg highlighted the company’s previously announced plan to increase marketing spend to $25 million, ramping up in the second quarter, and the launch of a new Movado campaign in the fall.
In the first quarter ending April 30, net sales fell 6 percent year-over-year (6 percent on a constant dollar basis) to $136.7 million.
Movado attributed the decrease to sales declines at brick-and-mortar stores owned by wholesale customers, as well as those operated by Movado.
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“We are pleased with our first-quarter results, which are in line with our expectations and reflect the successful execution by our team in a retail environment that continues to be challenging,” CEO Efraim Grinberg said.
“During the quarter, we drove positive momentum with powerful new product innovation led by the performance of our new Movado Bold Quest and strong double-digit growth at Movado.com, which accelerated with our spring television campaign.”
Grinberg highlighted the company’s previously announced plan to increase marketing spend to $25 million, ramping up in the second quarter, and the launch of a new Movado campaign in the fall.
In the first quarter ending April 30, net sales fell 6 percent year-over-year (6 percent on a constant dollar basis) to $136.7 million.
Movado attributed the decrease to sales declines at brick-and-mortar stores owned by wholesale customers, as well as those operated by Movado.
Quarterly sales in the U.S. were down 6 percent year-over-year while international sales fell 5 percent (6 percent on a constant dollar basis).
Gross profit was $75.5 million, or 55 percent of net sales, compared with $82 million, or 57 percent of net sales, in the previous first quarter.
The decrease in gross margin percentage in Q1 was attributed to an “unfavorable” change in channel and product mix, along with the decreased leverage of certain fixed costs due to lower sales.
Movado reiterated its guidance for the year ahead, expecting fiscal 2025 net sales to be between $700 million and $710 million, with gross profit of approximately 55 percent of net sales, and operating income in the range of $32 million to $35 million.
“We remain committed to executing our growth strategy, with our strong financial position allowing us to invest in targeted areas,” said Grinberg.
“We expect our amplified marketing messaging to grow brand awareness and deliver a return to sales growth in the second half of the year.”
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